#cofog0112 - Financial and fiscal affairs (CS)

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Resource » Content actant » Codelist » #cofog hashtags » #cofog01 - General public services » #cofog011 - Executive and legislative organs, financial and fiscal affairs, external affairs » #cofog0112 - Financial and fiscal affairs (CS)

Hashtags for all economic activities & functions of government in a convenient e-book

Class 0112 Financial and fiscal affairs (CS) of Classification of the Functions of Government (COFOG):

Administration of financial and fiscal affairs and services; management of public funds and public debt; operation of taxation schemes;
operation of the treasury or ministry of finance, the budget office, the inland revenue agency, the customs authorities, the accounting and auditing services;
production and dissemination of general information, technical documentation and statistics on financial and fiscal affairs and services.

Includes: financial and fiscal affairs and services at all levels of government.

Excludes:

underwriting or flotation charges and interest payments on government loans #cofog0170 - Public debt transactions (CS);
supervision of the banking industry #cofog0411 - General economic and commercial affairs (CS)

Corresponding ISICv4 class: #isic8411 - General public administration activities

providing services #cpc91112 - Financial and fiscal services.

In the Institutional Credibility Journey of a country, the Overton Window should be kept in mind. For this function of government the themes, windows and differences are as follows:

Function	United States
Taxation	Debates on tax rates, tax cuts, and tax reforms are central, with discussions ranging from progressive taxation to flat tax proposals
Government Spending	There is a spectrum from advocating for increased social welfare spending to calls for significant budget cuts and reduced government intervention.
Regulation	The range includes strict financial regulations to protect consumers and the economy, to deregulation to promote business growth and reduce bureaucratic red tape.
Debt and Deficit	Discussions on managing national debt and budget deficits vary from prioritizing deficit reduction to supporting stimulus spending during economic downturns.

Function	European Union
Fiscal Rules	The EU has strict fiscal rules, such as the Stability and Growth Pact, which requires member states to maintain budget deficits below 3% of GDP and public debt below 60% of GDP.
Economic Integration	Debates on the extent of economic integration, including the benefits and drawbacks of a common currency (the euro) and fiscal union.
Public Investment	Discussions on increasing public investment in infrastructure, green energy, and other public goods, balanced against concerns about fiscal sustainability.
Social Spending	There is a range from advocating for robust social welfare programs to calls for austerity measures to control public spending.

Function	Russia
Government Spending	Increased military spending is a significant focus, especially given the ongoing conflict with Ukraine. The defense budget has seen substantial increases, reflecting the prioritization of military expenditure.
Sanctions and Economic Stability	Discussions around managing the impact of international sanctions, which have led to economic challenges such as inflation and currency devaluation.
Taxation	Proposals to increase taxes on high-income earners and corporations to address budget deficits and maintain economic stability

Function	India
Fiscal Federalism	Debates on the distribution of financial resources between the central and state governments, with a focus on equitable resource distribution and addressing fiscal imbalances.
Public Investment	Discussions on increasing public investment in infrastructure, healthcare, and other public goods to support economic growth and development.
Social Spending	Balancing social welfare programs with fiscal sustainability, with ongoing debates about the extent and impact of social spending.

Key Differences

Political Polarization: The U.S. experiences higher levels of political polarization, leading to more extreme shifts in the Overton Window.
Cultural Context: The EU's diverse cultural and political landscape means that the Overton Window can vary significantly between member states.
Historical Context: The U.S. has a longer history of individualism and free-market policies, while the EU's political discourse has been shaped by its integration efforts and recent crises.

These differences highlight how the Overton Window is not static and can shift based on societal changes and major events. Would you like to delve deeper into any specific aspect of this topic?

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hashtags for goods, services and harms

financial-affairs-#cpc91112 fiscal-affairs-#cpc91112